In India, the precious metal Gold extended their losses for the third consecutive day.
On the Multi Commodity Exchange (MCX), gold futures were trading at Rs.264 lower (-0.70%) at Rs.37585 per ten gm. Silver price also followed the suit to hit an intraday low of Rs45,900 per kilo on Thursday in futures trade.
At the beginning of the week, prices of these metals rose on account of the uncertainty surrounding Saudi Arabia drone attacks
On Tuesday, Gold & silver prices relapsed post-Saudi Arabia stated that it will regain the entire production by Sept end.
However, On Wednesday, on the back of lack of clarity on the future monetary policy by the US FedReserve, there was a marginal fall in gold prices in the worldwide market.
Spot gold declined 0.6% to USD1494.05 per ounce. The Gold/Silver prices have been hit volatility since mid-August as an effect of geopolitical worries and foreign exchange rates.
Weakness in rupee V/s Dollar also weighed on rates of these precious metals in India. The Indian rupee opened 1ps lower at 71.23 per USD on Thursday after the greenback gained from the Federals rate cut decision.
Moreover, the Gold, silver prices may have also lowered due to profit-booking by market participants.